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17 terms

Chapter 3 - Accounting

STUDY
PLAY
In which month should Handel record the cost of the music as an expense
February
In which month should Handel Report the $25
February
If Handel company uses the cash basis of accounting instead of accrual basis
Revenue : MARCH, EXPENSE: April
In which month should revenue be recorded
In the month that goods are shipped to the customer
Aladdin adjusts the accounts at the end each month. The adjusting entry at the end of January should include
A credit to Prepaid rent for $100
Assume. Aladdins adjusting entry at the end of February should include a debit to rent expense in the amount of
$100
What effects does the adjusting entry in question 6 have on aladdins net income for February
Decrease by $100
An adjusting entry recorded March salary expense that will be paid in april, which best describes ..
Assets are not affected, liabilities are increased, and stockholders' equity is decreased.
Nine months has passed, and Metro has make no adjusting entries
Unearned Revenue $900, Insurance revenue $900
The unearned revenue account of Dean, Incorporated
Revenue of $12,000
What is the effect on the financial statements of recording depreciation on equipment
Net income, assets, and stockholders equity are all decreased
For 20X3, Monterrey Company had revenues of excess of expenses
Revenues will be debited, expenses will be credited, and retained earnings will be credited
Which os the following accounts would not be included in the closing entries
Accumulated depreciation
A major purpose of preparing closing entries is to
update the retained earnings on account
What are Austin's current and debt ratios
CR=1.25 to 1 , DR=0.625 to 1
Unadjusted net income equals $5,000. After the following adjustments, net income will be ...
$4,800
Salary payable at the beginning of the month totals $24,000.
$139,000